Re: New to boards construction loan & FICO Questions

TU= 552 575

EX= 595 593

EQ= 550 633

We talked with a mortgage lender he said we would have to have atleast 660 before we can get a construction loan. Our question is how can we get our scores to increase. I have become a FICO junky. And it seems as though they never change. How much would a cc increase our scores or would this hurt?

Re: New to boards construction loan & FICO Questions

Well that's not true. Try going to a local bank(a small one), I got a construction loan with a middle score of 645. But when I called another lender (Quicken Loans/Country Wide) they told me I would have to put 20% down prior to. I got my construction loan with no money down. But dont forget you need to have the income to support the credit score.

Re: New to boards construction loan & FICO Questions

Okay I'll try and be brief. I have bk filed 1998 and 1-state lien (paid in full).

My husband has 5 liens which we still owe $800. He also has a judgement $11k filed in 6/01 chysler. We tried making a settlement offer with the lawyers office who is handling said they will only except $9k.

And just recently we received a bill from Asset Acceptance about a collection 17yrs old that is not on his report.

I have one cc open my husband has none.

We want to start our house early March. We have saved $7k so far. Should we use this to pay down our debts we really need our scores increased? or continue saving?

Re: New to boards construction loan & FICO Questions

My husband & I are also shopping for a construction loan. All of the creditors that we have talked to require a 640. We've been working with American Home Partnesrs & they are wonderful. Thier credit criteria is a little more relaxed then most banks

Re: New to boards construction loan & FICO Questions

I'm new to the forums so Hello to all,

I have a question or a few!: In everything that I have read it states that it will take at least 12 months to see your credit scores change enough for my husband and I to buy a house. But as I was looking at other posts I have see people say their scores have jumped at least 35 points in weeks instead of months. So my first question is with the scores that I have:

TU: 575

Eq: 551

Ex: 613

Is that truly possible? These are my scores and I'm the one trying to buy the house without help of my husbands scores (which are probably worse than mine right now). I pay all of the bills some late but not 30 days late and I have a bankruptcy that so far has been on my report for 7 years. And tons of student loans, If I keep paying everything on time at least the CC's would that help?

My other question is since this is my second go around with Suze Orman and FICO - would it be best to check my scores every 3 months or should I wait longer and what other steps do I need to take besides disputing info on my reports (which I just did)?

Any help would be appreciated. And I apologize if this isn't the right thread.

Re: New to boards construction loan & FICO Questions

I have a question or a few!: In everything that I have read it states that it will take at least 12 months to see your credit scores change enough for my husband and I to buy a house.

...

I'm the one trying to buy the house without help of my husbands scores (which are probably worse than mine right now).

Big score jumps are possible. But, as with all things, it depends. Since your primary interest is a mortgage, start a new thread in the Loan Issues forum. Post your scores, your husbands if you have them, and the baddies on both yours and DH's CRs.

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Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.